Trading Fees
Fees are computed using a symmetric formula that scales with price uncertainty:- p is the trade price ($0.01 to $0.99)
- Θ (theta) is the fee coefficient
| Theta | Max (p = $0.50) | |
|---|---|---|
| Taker Fee | 0.05 | $1.25 |
| Maker Rebate | -0.0125 | -$0.31 |
- Maker rebate (25% of gross) is applied at the point of trade.
- Taker rebate (20% of gross) is applied weekly.
Fee Schedule by Price
| Price | Trade Value | Fee | Effective Rate |
|---|---|---|---|
| $0.01 | $1 | $0.05 | 0.05% |
| $0.02 | $2 | $0.10 | 0.10% |
| $0.03 | $3 | $0.15 | 0.15% |
| $0.04 | $4 | $0.19 | 0.19% |
| $0.05 | $5 | $0.24 | 0.24% |
| $0.06 | $6 | $0.28 | 0.28% |
| $0.07 | $7 | $0.33 | 0.33% |
| $0.08 | $8 | $0.37 | 0.37% |
| $0.09 | $9 | $0.41 | 0.41% |
| $0.10 | $10 | $0.45 | 0.45% |
| $0.11 | $11 | $0.49 | 0.49% |
| $0.12 | $12 | $0.53 | 0.53% |
| $0.13 | $13 | $0.57 | 0.57% |
| $0.14 | $14 | $0.60 | 0.60% |
| $0.15 | $15 | $0.64 | 0.64% |
| $0.16 | $16 | $0.67 | 0.67% |
| $0.17 | $17 | $0.71 | 0.71% |
| $0.18 | $18 | $0.74 | 0.74% |
| $0.19 | $19 | $0.77 | 0.77% |
| $0.20 | $20 | $0.80 | 0.80% |
| $0.21 | $21 | $0.83 | 0.83% |
| $0.22 | $22 | $0.86 | 0.86% |
| $0.23 | $23 | $0.89 | 0.89% |
| $0.24 | $24 | $0.91 | 0.91% |
| $0.25 | $25 | $0.94 | 0.94% |
| $0.26 | $26 | $0.96 | 0.96% |
| $0.27 | $27 | $0.99 | 0.99% |
| $0.28 | $28 | $1.01 | 1.01% |
| $0.29 | $29 | $1.03 | 1.03% |
| $0.30 | $30 | $1.05 | 1.05% |
| $0.31 | $31 | $1.07 | 1.07% |
| $0.32 | $32 | $1.09 | 1.09% |
| $0.33 | $33 | $1.11 | 1.11% |
| $0.34 | $34 | $1.12 | 1.12% |
| $0.35 | $35 | $1.14 | 1.14% |
| $0.36 | $36 | $1.15 | 1.15% |
| $0.37 | $37 | $1.17 | 1.17% |
| $0.38 | $38 | $1.18 | 1.18% |
| $0.39 | $39 | $1.19 | 1.19% |
| $0.40 | $40 | $1.20 | 1.20% |
| $0.41 | $41 | $1.21 | 1.21% |
| $0.42 | $42 | $1.22 | 1.22% |
| $0.43 | $43 | $1.23 | 1.23% |
| $0.44 | $44 | $1.23 | 1.23% |
| $0.45 | $45 | $1.24 | 1.24% |
| $0.46 | $46 | $1.24 | 1.24% |
| $0.47 | $47 | $1.25 | 1.25% |
| $0.48 | $48 | $1.25 | 1.25% |
| $0.49 | $49 | $1.25 | 1.25% |
| $0.50 | $50 | $1.25 | 1.25% |
| $0.51 | $51 | $1.25 | 1.25% |
| $0.52 | $52 | $1.25 | 1.25% |
| $0.53 | $53 | $1.25 | 1.25% |
| $0.54 | $54 | $1.24 | 1.24% |
| $0.55 | $55 | $1.24 | 1.24% |
| $0.56 | $56 | $1.23 | 1.23% |
| $0.57 | $57 | $1.23 | 1.23% |
| $0.58 | $58 | $1.22 | 1.22% |
| $0.59 | $59 | $1.21 | 1.21% |
| $0.60 | $60 | $1.20 | 1.20% |
| $0.61 | $61 | $1.19 | 1.19% |
| $0.62 | $62 | $1.18 | 1.18% |
| $0.63 | $63 | $1.17 | 1.17% |
| $0.64 | $64 | $1.15 | 1.15% |
| $0.65 | $65 | $1.14 | 1.14% |
| $0.66 | $66 | $1.12 | 1.12% |
| $0.67 | $67 | $1.11 | 1.11% |
| $0.68 | $68 | $1.09 | 1.09% |
| $0.69 | $69 | $1.07 | 1.07% |
| $0.70 | $70 | $1.05 | 1.05% |
| $0.71 | $71 | $1.03 | 1.03% |
| $0.72 | $72 | $1.01 | 1.01% |
| $0.73 | $73 | $0.99 | 0.99% |
| $0.74 | $74 | $0.96 | 0.96% |
| $0.75 | $75 | $0.94 | 0.94% |
| $0.76 | $76 | $0.91 | 0.91% |
| $0.77 | $77 | $0.89 | 0.89% |
| $0.78 | $78 | $0.86 | 0.86% |
| $0.79 | $79 | $0.83 | 0.83% |
| $0.80 | $80 | $0.80 | 0.80% |
| $0.81 | $81 | $0.77 | 0.77% |
| $0.82 | $82 | $0.74 | 0.74% |
| $0.83 | $83 | $0.71 | 0.71% |
| $0.84 | $84 | $0.67 | 0.67% |
| $0.85 | $85 | $0.64 | 0.64% |
| $0.86 | $86 | $0.60 | 0.60% |
| $0.87 | $87 | $0.57 | 0.57% |
| $0.88 | $88 | $0.53 | 0.53% |
| $0.89 | $89 | $0.49 | 0.49% |
| $0.90 | $90 | $0.45 | 0.45% |
| $0.91 | $91 | $0.41 | 0.41% |
| $0.92 | $92 | $0.37 | 0.37% |
| $0.93 | $93 | $0.33 | 0.33% |
| $0.94 | $94 | $0.28 | 0.28% |
| $0.95 | $95 | $0.24 | 0.24% |
| $0.96 | $96 | $0.19 | 0.19% |
| $0.97 | $97 | $0.15 | 0.15% |
| $0.98 | $98 | $0.10 | 0.10% |
| $0.99 | $99 | $0.05 | 0.05% |
Fee Rules
- Fees are symmetric around p = 0.50 and lowest near the extremes (0 and 1).
- All fees and rebates are rounded to the nearest $0.01 using banker’s rounding (round half to even).